[MARKET ANALYSIS] WTI and Brent are trading flat with macro or geopolitical catalyst lacking thus far in the early European session

Crude benchmarks are trading relatively flat following yesterday’s slump after dollar strength and weak risk sentiment, sparked by AI disruption woes. Adding to further downside pressure were comments from US President Trump yesterday evening that the US must make a deal with Iran and that they could reach a deal over the next month. Not much in terms of fresh catalysts thus far in the European session, as traders await US CPI. WTI and Brent trading at the lower end range of USD 62.54-63.17/bbl and USD 67.22-67.89/bbl respectively. On the Venezuela oil front, Venezuela's state-owned PDVSA reportedly offered neighbouring areas to JV partners and talks have progressed with US and European oil co. 's on possible JV expansions. India’s Reliance was also reportedly awarded general authorisation from the US to buy Venezuelan oil.